The State of Florida Department of Business and Professional Regulation (FDBPR) requires the Florida Yacht and Ship Broker or Salesperson Surety Bond for any entity wishing to obtain a Yacht and Ship Broker or Salesperson License.
What are the requirements in order to get a Yacht and Ship Broker or Salesperson License?
According to the state of Florida, a yacht and ship broker or salesperson is someone who performs the services of buying and/or selling previously owned yachts on behalf of another person for compensation. The term “yacht” is defined as any vessel in the water which is propelled by sail or machinery, exceeds 32 feet in length, and weighs less than 300 gross tons. All yacht and ship brokers or salespeople must obtain a license.
In order to obtain a license, the applicant must submit the following requirements to the FDBPR Division of Florida Condominiums, Timeshares, and Mobile Homes:
- A completed application
- A $551 application fee
- A complete set of fingerprints
- An original Florida Yacht and Ship Broker or Salesperson Surety Bond in the amount of $10,000 for a salesperson’s license or $25,000 for a broker’s license
More information regarding these licensing requirements and processes can be found on the FDBPR website.
What is the purpose of the surety bond?
Surety Bonds act as a form of financial guarantee to the clients and license regulators of the licensee. If a client is financially harmed from the unethical or illegal operation of the license holder (in this case the yacht and ship broker or salesperson), they can make a claim on their surety bond. If settled, the surety company (the company that issued the bond) would pay out the claim, however the bond principal (the licensee/broker or salesperson) must repay the surety for any losses incurred.
Where can I get a Florida Yacht and Ship Broker or Salesperson Surety Bond?
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Florida Yacht and Ship Broker or Salesperson Surety Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.